Tom Gores buys Pistons for $420 million

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UPDATE: Gregg Krupa of The Detroit News reports Tom Gores has not bought the Pistons.

Tom Walsh of the Detroit Free Press:

Los Angeles financier Tom Gores has struck a tentative deal to buy the Detroit Pistons from primary owner Karen Davidson, a person familiar with the situation told the Free Press.

The sale, which must be approved by the NBA, may be announced Friday.

The agreement, valued at $420 million, was reached this evening, after several days of intense bargaining over details.

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